9780470419816

Cashing in on Pre-Foreclosures and Short Sales : A Real Estate Investor's Guide to Making a Fortune - Even in a down Market!

by
  • ISBN13:

    9780470419816

  • ISBN10:

    0470419814

  • Edition: 1st
  • Format: Paperback
  • Copyright: 2009-02-09
  • Publisher: Wiley
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Summary

Cashing in on Pre-foreclosures and Short Sales shows investors exactly how to take advantage of what many are calling the best upcoming investment real estate market we have experienced in decades! Chip distinguishes the difference between good deals and bad deals, reveals just how easy it is to find, evaluate, and obtain foreclosure properties, tells how to negotiate a profitable transaction, and unveils the power of using short sales and other strategies to create a win-win situation for the investor, the seller, and the bank. Even first-time buyers looking to score a bargain on purchasing their own home will be armed with all the tools they need to confidently evaluate and pursue a profitable deal - and save thousands in the process. Cashing In on Pre-foreclosures and Short Sales incorporates quotes and advice from top industry professionals, as well as a healthy appendix packed with state and national foreclosure guidelines, including valuable contacts and websites, sample forms, checklists, and all the necessary tools you need to find, evaluate, secure and profit from foreclosure properties.

Author Biography

CHIP CUMMINGS is a real estate investor, licensed mortgage lender, certified trainer for the National Association of Mortgage Brokers, and past president of the Michigan Mortgage Brokers Association. He is also the co-author, with Ralph Roberts, of the Wiley titles Mortgage Myths and Foreclosure Myths.

Table of Contents

What Others Are Saying
Foreword
Acknowledgements
About The Author
Introduction
Downloadable Letters, Forms and Checklists
Where to Start
A Crash Course in Pre-foreclosures and Short Sales
What are foreclosures?
What are Pre-foreclosures?
What are Short Sales?
Steps in the Foreclosure Process
The Best Market is NOW!Seven Reasons Why Foreclosures Are Increasing
How I Got Started in Foreclosures
Foreclosures and Short Sales - Neither Illegal nor Unethical
What You Need For Success
Making Contact
Why Most Foreclosure Strategies DonG+&t Work
Why Everyone DoesnG+&t Do This
A Note to the "Skeptics"
Why YouG+&ll Probably Fail
My 17-Steps to Success
The Three Phases of Foreclosure
Why to Avoid the Last Two
Why Pre-foreclosure is the Best Stage for Investing
Pre-foreclosure Risks
Down Markets: the Easiest Time to Capitalize & Profit
Good Markets vs. Bad Markets
Why a "Down" Market is Better
Understanding Foreclosure Statistics
Why Foreclosures Happen
Why Understanding the Market and Market Trends is Important
Everything You Need To Know About the Foreclosure Process
Two Types of Security Instruments
Two Types of Lenders
Seven Types of Real Estate Loans
Senior Lien vs. Junior Liens
Mortgage Lender vs. Mortgage Broker
The Three Main Controlling Loan Covenants
Due-on-Sale Clause
Reinstating Loans
Lender Acceleration Remedies
The Two Types of Foreclosure Actions
About Judicial Process
About Non-Judicial Process
Identifying Your State Process
How the Process is Stopped
Everything You Need To Know About Foreclosure Properties
Determining the stage of foreclosure
Making a Quick First Assessment From the Curb
Assessing the Neighborhood in 5 Minutes
Evaluating the Investment Potential
Conducting Thorough Research
Navigating State Foreclosure Laws and Regulations
Finding State Statutes Online
State-by-State Chart of Foreclosure Guidelines
State by State Process Timelines
California Foreclosure Statutes
Your Legal Responsibilities
Avoiding Foreclosure Fraud Schemes
Common Foreclosure Scams
Avoiding Foreclosure Scams as an Investor
Avoiding Equity Skimming
Reputation is Everything
Financing Solutions for Foreclosure Properties
Show Me the Money!Fannie Mae and Freddie Mac
Raising Cash
Assuming a Loan
Taking Title "Subject to"
Violating the "Due-on-Sale" Clause
Bringing on Other Investors and Partners
Planning for Contingencies
Where to Start
Getting Serious About Being a Foreclosure Investor
This is a Business!Become a Professional
Creating Your Marketing "A-List"
Setting Up Your Office
To Hire or Not to Hire?
Forming a Legal Business Entity
Shaking Off the Firs
Table of Contents provided by Publisher. All Rights Reserved.

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